Make America Recession Again
America's economy just had its worst quarter since 2008
America's first-quarter GDP, the most expansive measure of the US economy, fell at a 4.8% annualized rate, the US Bureau of Economic Analysis reported on Wednesday.
Much of America's GDP decline was driven by lower-than-usual healthcare spending, as people delayed elective procedures.
The awful first-quarter report was alarming, considering the US economy was humming along in January and February until it came to a screeching halt in mid-March, when businesses shut and stay-at-home orders were put in place across the country. That was enough to offset the economic activity in January and February. The decline was worse than economists had predicted: The Refinitiv consensus forecast was -4%.
"The economy has fallen off the cliff and broken its neck with the only thing consumers are buying are nondurable goods like food and beverages for 'off-premises consumption,'" said MUFG chief financial economist Chris Rupkey.
https://www.cnn.com/2020/04/29/economy/us-economy-downturn-coronavirus/index.html
America's economy just had its worst quarter since 2008
America's first-quarter GDP, the most expansive measure of the US economy, fell at a 4.8% annualized rate, the US Bureau of Economic Analysis reported on Wednesday.
Much of America's GDP decline was driven by lower-than-usual healthcare spending, as people delayed elective procedures.
The awful first-quarter report was alarming, considering the US economy was humming along in January and February until it came to a screeching halt in mid-March, when businesses shut and stay-at-home orders were put in place across the country. That was enough to offset the economic activity in January and February. The decline was worse than economists had predicted: The Refinitiv consensus forecast was -4%.
"The economy has fallen off the cliff and broken its neck with the only thing consumers are buying are nondurable goods like food and beverages for 'off-premises consumption,'" said MUFG chief financial economist Chris Rupkey.
https://www.cnn.com/2020/04/29/economy/us-economy-downturn-coronavirus/index.html